WASHINGTON, D.C. - U.S. Chamber of Commerce Executive Vice President and Head of International Affairs Myron Brilliant issued the following statement on news the U.S. and UK reached a deal on the U.S. Section 232 tariffs on steel and aluminum:
“American workers and companies negatively impacted by soaring metals prices and escalating shortages will welcome today’s deal, but further action is needed. When these tariffs were imposed in 2018, the Chamber warned they ‘would directly harm American manufacturers, provoke widespread retaliation from our trading partners, and leave virtually untouched the true problem of Chinese steel and aluminum overcapacity.’ All of that came to pass. This deal marks a step toward remedying these problems.
“Meanwhile, Russia’s invasion of Ukraine and its economic fallout have rattled metals markets worldwide. Some analysts say steel consumers should lock in steel supplies now, whatever the price, as severe shortages are imminent.
“U.S. trade policy can provide relief. Section 232 tariffs and quotas remain in place on imports from many other countries. The U.S. should take comprehensive steps now to avert further harm to American workers in the manufacturing and construction sectors.”
